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D.R. Horton, Inc. – ‘10-K’ for 9/30/23 – ‘EX-97.1’

On:  Friday, 11/17/23, at 5:10pm ET   ·   For:  9/30/23   ·   Accession #:  882184-23-115   ·   File #:  1-14122

Previous ‘10-K’:  ‘10-K’ on 11/18/22 for 9/30/22   ·   Latest ‘10-K’:  This Filing   ·   58 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

11/17/23  D.R. Horton, Inc.                 10-K        9/30/23   98:14M

Annual Report   —   Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.76M 
 2: EX-10.27    Material Contract                                   HTML     42K 
 3: EX-10.28    Material Contract                                   HTML     26K 
 4: EX-21.1     Subsidiaries List                                   HTML    455K 
 5: EX-22.1     Published Report re: Matters Submitted to a Vote    HTML     99K 
                of Security Holders                                              
 6: EX-23.1     Consent of Expert or Counsel                        HTML     27K 
11: EX-97.1     Clawback Policy re: Recovery of Erroneously         HTML     32K 
                Awarded Compensation                                             
 7: EX-31.1     Certification -- §302 - SOA'02                      HTML     33K 
 8: EX-31.2     Certification -- §302 - SOA'02                      HTML     33K 
 9: EX-32.1     Certification -- §906 - SOA'02                      HTML     28K 
10: EX-32.2     Certification -- §906 - SOA'02                      HTML     28K 
17: R1          Document and Entity Information                     HTML     96K 
18: R2          Consolidated Balance Sheets                         HTML    138K 
19: R3          Consolidated Balance Sheets (Parenthetical)         HTML     47K 
20: R4          Consolidated Statements of Operations and           HTML    107K 
                Comprehensive Income (Loss)                                      
21: R5          Consolidated Statements of Total Equity             HTML     88K 
22: R6          Consolidated Statements of Total Equity             HTML     44K 
                (Parenthetical)                                                  
23: R7          Consolidated Statements of Cash Flows               HTML    129K 
24: R8          Summary of Significant Accounting Policies          HTML     73K 
25: R9          Segment Information                                 HTML    389K 
26: R10         Inventory                                           HTML     29K 
27: R11         Notes Payable                                       HTML     89K 
28: R12         Capitalized Interest                                HTML     38K 
29: R13         Property, Plant, and Equipment                      HTML     44K 
30: R14         Mortgage Loans                                      HTML     36K 
31: R15         Income Taxes                                        HTML     98K 
32: R16         Earnings Per Share                                  HTML     44K 
33: R17         Stockholders' Equity                                HTML     35K 
34: R18         Employee Benefit Plans                              HTML     97K 
35: R19         Commitments and Contingencies                       HTML     61K 
36: R20         Other Assets, Accrued Expenses and Other            HTML     60K 
                Liabilities                                                      
37: R21         Fair Value Measurements                             HTML    143K 
38: R22         Pay vs Performance Disclosure                       HTML     38K 
39: R23         Insider Trading Arrangements                        HTML     32K 
40: R24         Insider Trading Policies and Procedures             HTML     28K 
41: R25         Summary of Significant Accounting Policies          HTML    123K 
                (Policies)                                                       
42: R26         Summary of Significant Accounting Policies          HTML     41K 
                (Tables)                                                         
43: R27         Segment Information (Tables)                        HTML    377K 
44: R28         Notes Payable (Tables)                              HTML     70K 
45: R29         Capitalized Interest (Tables)                       HTML     38K 
46: R30         Property, Plant, and Equipment (Tables)             HTML     42K 
47: R31         Income Taxes (Tables)                               HTML     96K 
48: R32         Earnings Per Share (Tables)                         HTML     43K 
49: R33         Employee Benefit Plans (Tables)                     HTML     89K 
50: R34         Commitments and Contingencies (Tables)              HTML     53K 
51: R35         Other Assets, Accrued Expenses and Other            HTML     62K 
                Liabilities (Tables)                                             
52: R36         Fair Value Measurements (Tables)                    HTML    134K 
53: R37         Summary of Significant Accounting Policies          HTML     49K 
                (Details)                                                        
54: R38         Summary of Significant Accounting Policies -        HTML     37K 
                Property and Equipment (Details)                                 
55: R39         Summary of Significant Accounting Policies -        HTML     53K 
                Goodwill (Details)                                               
56: R40         Summary of Significant Accounting Policies Summary  HTML     42K 
                of Significant Accounting Policies - Stock Based                 
                Compensation (Details)                                           
57: R41         Summary of Significant Accounting Policies -        HTML     45K 
                Business Acquisition (Details)                                   
58: R42         Segment Information - Narrative (Details)           HTML     41K 
59: R43         Segment Information (Details)                       HTML    275K 
60: R44         Inventory (Details)                                 HTML     32K 
61: R45         Notes Payable - Principal Amounts (Details)         HTML     92K 
62: R46         Notes Payable - Terms (Details)                     HTML     62K 
63: R47         Notes Payable - Homebuilding Textuals (Details)     HTML     69K 
64: R48         Notes Payable - Rental Textuals (Details)           HTML     60K 
65: R49         Notes Payable - Forestar Textuals (Details)         HTML     67K 
66: R50         Notes Payable - Financial Services Textuals         HTML     54K 
                (Details)                                                        
67: R51         Capitalized Interest Capitalized Interest           HTML     40K 
                (Details)                                                        
68: R52         Property, Plant, and Equipment (Details)            HTML     57K 
69: R53         Mortgage Loans - Mortgage Loans Held for Sale       HTML     64K 
                Textual (Details)                                                
70: R54         Mortgage Loans - Loan Commitments and Related       HTML     34K 
                Derivatives Textual (Details)                                    
71: R55         Mortgage Loans - Other Mortgage Loans and Real      HTML     28K 
                Estate Owned (Details)                                           
72: R56         Mortgage Loans - Mortgage Loss Reserves (Details)   HTML     29K 
73: R57         Income Taxes - Income Tax Expense (Details)         HTML     49K 
74: R58         Income Taxes - Reconciliation of Expected Income    HTML     48K 
                Tax Expense (Details)                                            
75: R59         Income Taxes - Deferred Income Taxes (Details)      HTML     71K 
76: R60         Income Taxes - Textual (Details)                    HTML     47K 
77: R61         Income Taxes - Unrecognized Tax Benefit (Details)   HTML     35K 
78: R62         Earnings Per Share (Details)                        HTML     63K 
79: R63         Stockholders' Equity (Details)                      HTML     71K 
80: R64         Employee Benefit Plans - Deferred Compensation      HTML     39K 
                Plans (Details)                                                  
81: R65         Employee Benefit Plans Employee Benefit Plans -     HTML     57K 
                Employee Stock Purchase Plan, Incentive Bonus Plan               
                and Stock-Based Compensation (Details)                           
82: R66         Employee Benefit Plans - Time-Based Restricted      HTML     88K 
                Stock Unit Equity Awards (Details)                               
83: R67         Employee Benefit Plans - Performance-Based          HTML     67K 
                Restricted Stock Units (Details)                                 
84: R68         Employee Benefit Plans - Stock Options (Details)    HTML     67K 
85: R69         Commitments and Contingencies - Warranty Liability  HTML     35K 
                (Details)                                                        
86: R70         Commitments and Contingencies Commitments and       HTML     33K 
                Contingencies - Reserves for Legal Claims                        
                (Details)                                                        
87: R71         Commitments and Contingencies (Details Textuals)    HTML     66K 
88: R72         Commitments and Contingencies - Minimum Annual      HTML     43K 
                Lease Payments (Details)                                         
89: R73         Other Assets, Accrued Expenses and Other            HTML     93K 
                Liabilities (Details)                                            
90: R74         Fair Value Measurements - Assets and Liabilities    HTML     76K 
                Measured on Recurring Basis (Details)                            
91: R75         Fair Value Measurements Fair Value Measurements -   HTML     72K 
                Level 3 Rollforward (Details)                                    
92: R76         Fair Value Measurements - Assets Measured on a      HTML     48K 
                Nonrecurring Basis (Details)                                     
93: R77         Fair Value Measurements - Carrying Value and Fair   HTML     52K 
                Value of Financial Assets and Liabilities                        
                (Details)                                                        
96: XML         IDEA XML File -- Filing Summary                      XML    168K 
94: XML         XBRL Instance -- dhi-20230930_htm                    XML   3.27M 
95: EXCEL       IDEA Workbook of Financial Report Info              XLSX    204K 
13: EX-101.CAL  XBRL Calculations -- dhi-20230930_cal                XML    202K 
14: EX-101.DEF  XBRL Definitions -- dhi-20230930_def                 XML   1.01M 
15: EX-101.LAB  XBRL Labels -- dhi-20230930_lab                      XML   2.19M 
16: EX-101.PRE  XBRL Presentations -- dhi-20230930_pre               XML   1.48M 
12: EX-101.SCH  XBRL Schema -- dhi-20230930                          XSD    169K 
97: JSON        XBRL Instance as JSON Data -- MetaLinks              620±   926K 
98: ZIP         XBRL Zipped Folder -- 0000882184-23-000115-xbrl      Zip    841K

‘EX-97.1’   —   Clawback Policy re: Recovery of Erroneously Awarded Compensation

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

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  Document  

Exhibit 97.1


D.R. HORTON, INC.
CLAWBACK POLICY
(effective October 2, 2023)
Recoupment of Incentive-Based Compensation
It is the policy of D.R. Horton, Inc. (the “Company”) that, in the event the Company is required to prepare an accounting restatement of the Company’s financial statements due to the Company’s material non-compliance with any financial reporting requirement under the federal securities laws (including any such correction that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period), the Company will recover on a reasonably prompt basis the amount of any Incentive-Based Compensation Received by a Covered Officer during the Recovery Period that exceeds the amount that otherwise would have been Received had it been determined based on the restated financial statements.
Policy Administration and Definitions
This Policy is administered by the Company’s Compensation Committee of the Board of Directors (the “Committee”), subject to ratification by the independent members of the Board of Directors with respect to application of this Policy, and is intended to comply with, and as applicable to be administered and interpreted consistent with, and subject to the exceptions set forth in, Listing Standard 303A.14 adopted by the New York Stock Exchange to implement Rule 10D-1 under the Securities Exchange Act of 1934, as amended (collectively, “Rule 10D-1”).
For purposes of this Policy:
“Incentive-Based Compensation” means any compensation granted, earned, or vested based in whole or in part on the Company’s attainment of a financial reporting measure that was Received by a person (i) on or after October 2, 2023 and after the person began service as a Covered Officer, and (ii) who served as a Covered Officer at any time during the performance period for the Incentive-Based Compensation. A financial reporting measure is (i) any measure that is determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements and any measure derived wholly or in part from such a measure, and (ii) any measure based in whole or in part on the Company’s stock price or total shareholder return.
Incentive-Based Compensation is deemed to be “Received” in the fiscal period during which the relevant financial reporting measure is attained, regardless of when the compensation is actually paid or awarded.
“Covered Officer” means any “officer” of the Company as defined under Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended.
“Recovery Period” means the three completed fiscal years immediately preceding the date that the Company is required to prepare the accounting restatement described in this Policy, all as determined pursuant to Rule 10D-1, and any transition period of less than nine months that is within or immediately following such three fiscal years.
If the Committee determines the amount of Incentive-Based Compensation Received by a Covered Officer during a Recovery Period exceeds the amount that would have been Received if determined or calculated based on the Company’s restated financial results, such excess amount of Incentive-Based Compensation shall be subject to recoupment by the Company pursuant to this Policy. For Incentive-Based Compensation based on stock price or total shareholder return, where the amount of erroneously awarded compensation is not subject to mathematical recalculation directly from the information in an accounting restatement, the Committee will determine the amount based on a reasonable estimate of the effect of the accounting restatement on the relevant stock price or total shareholder return. In all cases, the calculation of the excess amount of Incentive-Based Compensation to be recovered will be determined without regard to any taxes paid with respect to such compensation. The Company will maintain and will provide to the New York Stock Exchange documentation of all determinations and actions taken in complying with this Policy. Any determinations made by the Committee under this Policy shall be final and binding on all affected individuals.


The Company may effect any recovery pursuant to this Policy by requiring payment of such amount(s) to the Company, by set-off, by reducing future compensation, or by such other means or combination of means as the Committee determines to be appropriate. The Company need not recover the excess amount of Incentive-Based Compensation if and to the extent that the Committee determines that such recovery is impracticable, subject to and in accordance with any applicable exceptions under the New York Stock Exchange listing rules, and not required under Rule 10D-1, including if the Committee determines that the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered after making a reasonable attempt to recover such amounts. The Company is authorized to take appropriate steps to implement this Policy with respect to Incentive-Based Compensation arrangements with Covered Officers.
Any right of recoupment or recovery pursuant to this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any other policy, any employment agreement or plan or award terms, and any other legal remedies available to the Company; provided that the Company shall not recoup amounts pursuant to such other policy, terms or remedies to the extent it is recovered pursuant to this Policy. The Company shall not indemnify any Covered Officer against the loss of any Incentive-Based Compensation (or provide any advancement of expenses in such instance), including any payment or reimbursement for the cost of third-party insurance purchased by any Covered Officers to fund potential recovery obligations under this Policy.

Dates Referenced Herein

This ‘10-K’ Filing    Date    Other Filings
Filed on:11/17/23None on these Dates
10/2/23
For Period end:9/30/23
 List all Filings 

1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/25/24  D.R. Horton, Inc.                 S-8         1/25/24    4:85K                                    Donnelley … Solutions/FA

57 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/03/23  D.R. Horton, Inc.                 8-K:5,9    10/31/23   12:187K
10/12/23  D.R. Horton, Inc.                 8-K:1,2,9  10/10/23   12:1.4M
 4/10/23  D.R. Horton, Inc.                 8-K:1,2,9   4/04/23   12:836K
 2/21/23  D.R. Horton, Inc.                 8-K:1,2,9   2/17/23   12:1.4M
11/01/22  D.R. Horton, Inc.                 8-K:1,2,9  10/28/22   12:1.2M                                   Donnelley … Solutions/FA
11/01/22  Forestar Group Inc.               8-K:1,2,9  10/28/22   11:1M                                     Donnelley … Solutions/FA
 3/29/22  D.R. Horton, Inc.                 8-K:5,9     3/23/22   13:389K
 3/07/22  D.R. Horton, Inc.                 8-K:1,2,9   3/04/22   12:1.4M
 2/18/22  D.R. Horton, Inc.                 8-K:1,2,9   2/18/22   12:1.4M
11/18/21  D.R. Horton, Inc.                 10-K        9/30/21   93:15M
 8/05/21  D.R. Horton, Inc.                 8-K:1,8,9   8/05/21   14:606K                                   Donnelley … Solutions/FA
 4/22/21  D.R. Horton, Inc.                 8-K:1,2,9   4/20/21   12:1.2M                                   Donnelley … Solutions/FA
 4/21/21  Forestar Group Inc.               8-K:1,2,9   4/21/21   11:1M                                     Donnelley … Solutions/FA
 4/20/21  Forestar Group Inc.               8-K:1,2,9   4/16/21   11:1M                                     Donnelley … Solutions/FA
 2/23/21  D.R. Horton, Inc.                 8-K:1,2,9   2/19/21   13:1.4M
10/02/20  D.R. Horton, Inc.                 8-K:1,9    10/02/20   12:404K                                   Donnelley … Solutions/FA
 5/21/20  D.R. Horton, Inc.                 8-K:1,2,9   5/15/20   13:376K
 5/05/20  D.R. Horton, Inc.                 8-K:1,9     5/05/20   12:390K                                   Donnelley … Solutions/FA
 2/26/20  D.R. Horton, Inc.                 8-K:1,2,9   2/21/20   13:364K
 2/25/20  Forestar Group Inc.               8-K:1,2,9   2/25/20    2:746K                                   Donnelley … Solutions/FA
11/25/19  D.R. Horton, Inc.                 10-K        9/30/19  103:21M
10/10/19  D.R. Horton, Inc.                 8-K:1,8,9  10/10/19   14:902K                                   Donnelley … Solutions/FA
10/04/19  D.R. Horton, Inc.                 8-K:1,2,9  10/02/19   12:1.1M                                   Donnelley … Solutions/FA
10/03/19  Forestar Group Inc.               8-K:1,2,9  10/02/19    2:64K                                    Donnelley … Solutions/FA
 6/26/19  D.R. Horton, Inc.                 8-K:1,2,9   6/21/19    2:108K
 4/30/19  D.R. Horton, Inc.                 10-Q        3/31/19   70:15M
 2/22/19  D.R. Horton, Inc.                 8-K:1,2,9   2/22/19    2:238K
11/09/18  D.R. Horton, Inc.                 8-K:5,9    11/06/18    2:68K
 9/26/18  D.R. Horton, Inc.                 8-K:1,2,9   9/25/18    2:126K
 8/17/18  Forestar Group Inc.               8-K:1,2,9   8/16/18    3:976K                                   Donnelley … Solutions/FA
 2/28/18  D.R. Horton, Inc.                 8-K:1,2,9   2/23/18    2:299K
11/08/17  D.R. Horton, Inc.                 8-K:5,9    11/02/17    2:168K                                   Donnelley … Solutions/FA
 9/28/17  D.R. Horton, Inc.                 8-K:1,2,9   9/25/17    2:1.1M
 6/29/17  D.R. Horton, Inc.                 8-K:1,7,9   6/29/17    5:817K                                   Donnelley … Solutions/FA
 2/28/17  D.R. Horton, Inc.                 8-K:1,2,9   2/24/17    2:276K
 9/27/16  D.R. Horton, Inc.                 8-K:1,2,9   9/23/16    2:197K
 3/02/16  D.R. Horton, Inc.                 8-K:1,2,9   2/26/16    2:253K
 8/27/15  D.R. Horton, Inc.                 8-K:1,2,9   8/26/15    2:134K
 4/24/15  D.R. Horton, Inc.                 10-Q        3/31/15   72:16M
 3/04/15  D.R. Horton, Inc.                 8-K:1,2,9   2/27/15    3:1.5M
 1/26/15  D.R. Horton, Inc.                 8-K:5,9     1/22/15    2:116K                                   Donnelley … Solutions/FA
11/12/14  D.R. Horton, Inc.                 8-K:5,9    11/05/14    5:89K                                    Donnelley … Solutions/FA
 8/25/14  D.R. Horton, Inc.                 8-K:1,2,9   8/22/14    2:163K
 8/13/13  Horton D R Inc./DE                8-K:1,2,9   8/08/13    3:1.1M
 1/29/13  Horton D R Inc./DE                10-Q       12/31/12   74:13M
11/05/12  Horton D R Inc./DE                8-K:1,2,9  11/01/12    3:64K                                    Donnelley … Solutions/FA
 9/10/12  Horton D R Inc./DE                8-K:1,2,9   9/07/12    3:953K                                   Donnelley … Solutions/FA
11/16/11  Horton D R Inc./DE                8-K:5,9    11/09/11    5:133K                                   Donnelley … Solutions/FA
 1/26/11  Horton D R Inc./DE                8-K:5,9     1/20/11    2:127K                                   Donnelley … Solutions/FA
10/06/10  Horton D R Inc./DE                8-K:5,9     9/30/10    3:109K                                   Donnelley … Solutions/FA
12/16/08  Horton D R Inc./DE                8-K:1,5,9  12/10/08    3:185K                                   Bowne - BPC/FA
 2/15/08  Horton D R Inc./DE                8-K:1,5,9   2/11/08    4:118K                                   Donnelley … Solutions/FA
 5/08/06  Horton D R Inc./DE                10-Q        3/31/06    8:649K                                   RR Donnelley
 2/02/06  Horton D R Inc./DE                10-Q       12/31/05   12:834K                                   RR Donnelley
12/13/02  Horton D R Inc./DE                10-K        9/30/02   13:2.3M                                   Donnelley RR & So… Co/FA
 8/13/02  Horton D R Inc./DE                10-Q        6/30/02    4:175K
 5/15/01  Horton D R Inc./DE                10-Q        3/31/01    4:152K                                   RR Donnelley
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